The Value of Patience When Applying for Right to Buy Mortgage

Once you have been a tenant in a council property for over three years, you are already eligible to buy that home at a discounted price. This is stated in the right to buy mortgage, a program that started in the late 80’s. The notion is that those who have resided in the same property for years must have the right to buy the said property and have the title under their name at a discounted price.

The government will allow you to do so provided that you are eligible for the program. There are also requirements you need to submit and a long process to finish. Not everyone is eligible for the program. There will be a thorough screening done before you are informed if you have made it or not.

Once you do, the next step is to file the official forms for the right to buy mortgage. You will then be asked to pay for a down payment. Under this law, you can use the discount given by the government as your down payment. If you don’t have money to pay for the upfront cost, you won’t have to worry. The amount that you will pay later for the monthly mortgage is higher, but it is fine considering that you did not scramble just to find money to pay for the deposit.

It takes time

To go through the entire process, it would take a really long time. You just have to be patient and follow all the instructions. Once your application has been approved, the next step is to look for a company to provide right to buy mortgage. You are now a step closer in making your dream a reality. After being a tenant for a long time, you can finally have this place to yourself.

Understand the terms

Getting your application approved and finding mortgages to pay for the property is just the first step. If you have finally found the best companies to take mortgage loans from, compare them. Check if you are fine with the terms and conditions. There are companies that won’t give you reasonable terms. Instead of getting a lower price for the property as you are a right to buy mortgage recipient, you end up paying more.

You have to compare the options well and stick with a reputable company with reasonable rates. Pay the monthly loans and hold your end of the deal until you have fully paid the amount. Whatever happens, you have a property and it belongs to your name. Therefore, even if you are going through a tough process just to finally be a homeowner, it would be worth the wait in the end.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.